The Peruvian Banking and Insurance Superintendent (SBS) has introduced new rules requiring virtual asset service providers (VASPs) or Peruvian crypto companies to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to combat financial crimes and terrorism financing.

New Regulations by SBS for VASP

Under the new regulations, crypto companies in Peru are required to implement comprehensive KYC and AML policies. Specifically, they must appoint a compliance officer responsible for implementing AML and Terrorism Financing (TF) policies. They are also mandated to collect identity information from users for transactions over $1,000, in accordance with the Travel Rule.

Compliance and Deadlines

Peruvian crypto companies currently in operation have 120 days to align their activities with the new regulations. These measures aim to ensure strict control over transactions and prevent the misuse of virtual asset platforms for criminal activities.

Objectives and Consequences of New Measures

These new regulations are based on recommendations made by the Financial Action Task Force (FATF). The primary goal is to prevent the criminal exploitation of virtual asset platforms and ensure tight control over transactions, thereby preventing money laundering and terrorism financing.

Conclusion

With the new SBS regulations, Peruvian crypto companies are under close scrutiny. They have 120 days to comply, ensuring a more transparent and secure operation in the cryptocurrency market. These measures aim to enhance financial security and minimize the risk of unlawful activities.